Regenesis UK Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06929441 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

REGENESIS UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

8

DIRECTORS:

Ms A K Dickerson

C Graham

G Leonard

T Wilson

S B Wilson

SECRETARY:

G Leonard

REGISTERED OFFICE:

Cambridge House

Henry Street

Bath

BA1 1BT

REGISTERED NUMBER:

06929441 (England and Wales)

AUDITORS:

Baker Tilly Mooney Moore

Statutory Auditors

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

FIXED ASSETS

Tangible assets

4

112,598

103,589

CURRENT ASSETS

Stocks

660,375

901,163

Debtors

5

733,863

837,860

Cash at bank

893,053

1,174,533

2,287,291

2,913,556

CREDITORS

Amounts falling due within one year

6

600,191

1,140,737

NET CURRENT ASSETS

1,687,100

1,772,819

TOTAL ASSETS LESS CURRENT LIABILITIES

1,799,698

1,876,408

CREDITORS

Amounts falling due after more than one year

7

(453,090

)

(510,931

)

PROVISIONS FOR LIABILITIES

9

(17,588

)

(12,447

)

NET ASSETS

1,329,020

1,353,030

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Capital contribution reserve

429,414

429,414

Retained earnings

898,606

922,616

SHAREHOLDERS' FUNDS

1,329,020

1,353,030

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2024 and were signed on its behalf by:

Ms A K Dickerson - Director

1.	STATUTORY INFORMATION

Regenesis UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional and presentational currency

The company's functional and presentational currency is pounds sterling (£).

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Carrying value of stock

Stock represents goods for resale and is valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provisions are made for obsolete and slow moving stock based on current and historical trading experience and knowledge of the product.

At the year end, a provision of £83,718 (2022: £58,244) has been made in respect of stock held.

Recoverability of Debtors

Estimates are made in respect of the recoverable value of trade debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- is it probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the cost incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to Property

- Straight Line over 8 Years

Fixtures & Fittings

- Straight Line over 7 Years

Office Equipment

- 20% Straight Line

Computer Equipment

- 20% to 33% Straight Line

Motor Vehicles

- 20% Straight Line

The assets residual values, useful lives, and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains or losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items. Cost is based on the weighted average cost method.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying value is reduced to it's selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank.

- Loans and borrowings

Loans which are basic financial instruments are initially recorded at the present value of future payments discounted at a market rate of interest for a similar loan. Subsequently, they are measured at amortised cost using the effective interest rate method. Loans that are payable within one year are not discounted.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases

Rentals paid under operating leases are charged to the Profit and Loss account on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures,

to

fittings

Motor

Computer

property

& equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2023

50,069

10,927

74,287

22,450

157,733

Additions

-

-

36,450

1,874

38,324

At 31 December 2023

50,069

10,927

110,737

24,324

196,057

DEPRECIATION

At 1 January 2023

1,565

4,061

34,523

13,995

54,144

Charge for year

6,258

1,902

16,654

4,501

29,315

At 31 December 2023

7,823

5,963

51,177

18,496

83,459

NET BOOK VALUE

At 31 December 2023

42,246

4,964

59,560

5,828

112,598

At 31 December 2022

48,504

6,866

39,764

8,455

103,589

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade debtors

492,746

702,626

Amounts owed by group undertakings

137,668

69,798

Other debtors

103,449

65,436

733,863

837,860

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade creditors

9,411

83,892

Amounts owed to group undertakings

164,279

534,148

Taxation and social security

62,233

306,187

Other creditors

364,268

216,510

600,191

1,140,737

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23

31.12.22

£

£

Other creditors

453,090

510,931

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.23

31.12.22

£

£

Within one year

41,000

41,000

Between one and five years

164,000

164,000

In more than five years

88,833

129,833

293,833

334,833

During the year, the company charged £41,000 to the profit and loss account in respect of leasing arrangements.

9.	PROVISIONS FOR LIABILITIES

31.12.23

31.12.22

£

£

Deferred tax

17,588

12,447

Deferred

tax

£

Balance at 1 January 2023

12,447

Provided during year

5,141

Balance at 31 December 2023

17,588

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.23

31.12.22

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Small (Senior Statutory Auditor)

for and on behalf of Baker Tilly Mooney Moore

12.	PENSION COMMITMENTS

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable to the pension scheme are charged to the profit and loss account in the period to which they relate. The charge for 2023 was £24,760 (2022: £21,271). At the balance sheet date, contributions of £1,733 ( 2022: £5,254) were payable to the fund.

13.	RELATED PARTY DISCLOSURES

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33.

14.	ULTIMATE CONTROLLING PARTY